HOW DOES AN IVA WORK?

All you do is make one affordable monthly payment to a qualified legal professional, who in turn distributes the payments according to the amounts previously agreed by your creditors in an IVA proposal. You do this every month, for 60 months, and at the end of the term any debt balances you still owe are written off.

You don’t have to deal with creditors any more, and all the hard work is done for you. More on how it works here.

Could You Apply For An IVA?

You could be accepted for an IVA if you answer yes to these four simple criteria:

£5,000 or more in debt

Have 2 or more creditors

Are employed or self employed– If unemployed can still have an IVA

Have a surplus of income of around £70 before you pay your debts each month